For INR153 billion (€1.7 billion), Vodafone Group sold an 18% share in Indus Towers, an infrastructure player in India. The proceeds will be used to settle debt that was secured against the company's assets in India.
After the acquisition, which was reportedly closed earlier this week, it now owns 3.1 percent of the tower company.
Vodafone has declared that the €1.8 billion debt secured by the company's Indian assets will be "substantially repaid" with the proceeds from the sale of 484.7 million shares to equity investors.
In its annual report for 2024, the operator group disclosed that its debt was backed by its shares in Indus Towers and Vodafone Idea as of the period ending in March 2024.
Bharti Airtel, the leading shareholder of the infrastructure company, has recently announced its acquisition of an additional 27 million shares through a stock market statement. This strategic move has significantly increased its stake to an impressive 49%.
Vodafone's initial intention to only sell 10% of the company was surpassed due to overwhelming investor demand, as reported by Reuters.
According to the official corporate website, Indus Towers is recognized as one of the largest providers of telecom infrastructure in India. With an impressive network of over 219,700 towers, Indus Towers has established a strong nationwide presence.
